Kenneth Fisher says investors are letting their past fears get in the way of their present investing, falling prey to the “morphing fear phenomenon”.

“In any bear market something frightens us — whether justified or not — and recessions always do,” Fisher writes in his latest Forbes column. “Early in the subsequent bull market and expansion we keep expecting these worries to appear. If they don’t, we morph fresh scary fantasies that seem like new problems but are simply manifestations of old fears.”

Old fears that keep popping up currently include double-dip recession fears, and debt crisis fears. Fisher thinks they’re overblown. “A bull market’s third year is usually modes,” he writes. “It is the ideal time for my morphing fear phenomenon to finally peak before greed overtakes fear to lead the bull market into its last euphoric phase. I’m not afraid of ghosts, and you shouldn’t be, either.” He offers five “ghostbusting” stock picks, including employee benefits consulting firm Towers Watson.